Short Interest in Edesa Biotech, Inc. (NASDAQ:EDSA) Decreases By 87.4%

Edesa Biotech, Inc. (NASDAQ:EDSA) saw a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 107,300 shares, a decrease of 87.4% from the February 13th total of 852,100 shares. Approximately 1.8% of the shares of the company are sold short. Based on an average daily volume of 1,840,000 shares, the days-to-cover ratio is presently 0.1 days.

Edesa Biotech Trading Up 0.8 %

Shares of NASDAQ:EDSA traded up $0.02 on Thursday, hitting $2.41. The company had a trading volume of 5,458 shares, compared to its average volume of 2,478,094. The stock has a market cap of $16.85 million, a price-to-earnings ratio of -1.30 and a beta of 0.77. The stock has a 50 day moving average price of $2.07 and a 200 day moving average price of $2.81. Edesa Biotech has a 1-year low of $1.55 and a 1-year high of $5.59.

Edesa Biotech (NASDAQ:EDSA) last announced its quarterly earnings results on Friday, February 14th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.17). During the same quarter last year, the business posted ($0.54) EPS. Sell-side analysts anticipate that Edesa Biotech will post -1.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Edesa Biotech stock. Citadel Advisors LLC acquired a new position in Edesa Biotech, Inc. (NASDAQ:EDSA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 40,944 shares of the company’s stock, valued at approximately $70,000. Citadel Advisors LLC owned approximately 1.18% of Edesa Biotech as of its most recent SEC filing. 5.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and set a $21.00 target price on shares of Edesa Biotech in a research note on Thursday.

About Edesa Biotech

Edesa Biotech, Inc, a clinical-stage biopharmaceutical company, engages in the research and development, manufacture, and commercialization of pharmaceutical products for inflammatory and immune-related diseases. Its lead product candidates are EB05, a monoclonal antibody, which is in Phase 3 clinical study for the treatment of acute respiratory distress syndrome in Covid-19 patients; and EB01, a topical vanishing cream containing non-steroidal anti-inflammatory compound that has completed Phase 2b clinical study to treat chronic allergic contact dermatitis.